On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
If the metal manages to recover, the 1,795.00 level and the 1,800.00 mark are expected to provide resistance. Above, 1,800.00 note that the 1,810.00/1,815.00 zone acted as support and resistance during late June and early July.
However, a decline below the 1,784.40/1,788.70 zone, the 50 and 100-hour simple moving averages might act as support, prior to the rate reaching the 1,771.30/1,773.10 range.
XAU/USD daily charts review
On the daily candle chart, the price for gold has passed above the resistance of the 50-day simple moving average near 1,790.00.On Friday, the upper trend line of a channel down pattern acted as resistance.
Daily Candle Chart
Long sentiment decreases
Since Tuesday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 52% to sell the precious metal.
On Friday, the sentiment decreased to 62% long and pending orders were 58% to buy.